Base, a technology-based, vegan beauty and wellness brand, raised $6 million in Series A funding round led by Rakuten Ventures to strengthen its positioning in Indonesia’s market and to continue fueling its growth.
WHO: Yaumi Fauziah Sugiharta, former Gojek marketing head, and Ratih Permata Sari, ex-DBS Bank product manager, founded Indonesian beauty and wellness brand Base in 2019. Initially a D2C player, Base is expanding its online and offline omni-channel distribution in Indonesia in an effort to penetrate the country’s regional cities. To date, the company has delivered its products to all 34 provinces across Indonesia. The brand is championing diversity and inclusivity, catering to all the beauty needs of Indonesian people by offering vegan skincare powered by a proprietary Smart Skin Test feature.
WHY: With the new funds, Base plans to invest in product development and the expansion of its assortment, adding color cosmetics, body and haircare, edible wellness, and fragrance to its existing skincare catalog, with the ultimate goal of expanding its customer base.
Martell Hardenberg, Partner at Antler, says that the multibillion-dollar personal beauty market in Indonesia continues to show resilient annual growth of 6% (CAGR). “Gen Z and Millennial consumers display an increased affinity towards brands that resonate with the local heritage, ingredients, and eco-consciousness over global brands. Base is best positioned to capture market share through its unique brand and products and scientific, but tech-enabled product development process. Antler is excited to continue to support Yaumi and Ratih in their journey,” Hardenberg said.
IN THEIR OWN WORDS: “In Southeast Asia, the broad personal care industry is still dominated by foreign brands retailing at prices beyond the comforts of the average consumer’s disposable income. What excites us about Base is its ability to turn around traditional consumer expectations to show that high-quality products don’t have to be expensive. We look forward to support Base in their journey to fill the whitespaces in Southeast Asia’s growing personal care category,” said Regina Ho, Associate at Rakuten Ventures.
“Since the early days, we have believed in the innovations of Base in the Indonesia’s beauty industry. Its local expertise and approach bring about exceptional quality and sustainable skincare products that meet the market demands. We are glad to double down our investment in Base and looking forward to more innovations and growth brought by Yaumi, Ratih, and Base team,” said Melisa Irene, Partner at East Ventures.
DETAILS:
- Base raised $6 million in a Series A funding round.
- Rakuten Ventures led the round, along with participation from existing investors Antler, East Ventures, Skystar Capital, and Pegasus Tech Ventures.
- The company recently added Muhammad Cipta Suhada to the team as the company’s Director of People and Culture, who previously held leadership roles at Indonesia’s tech behemoths, including Gojek and LinkAja.
- The business secured an undisclosed amount of seed funding in a round led by East Ventures and Skystar Capital in 2019.
